UFC president Dana White announced the bout was off via social media.
"[Hendricks has] a blockage in [his intestine] and a kidney stone," Hendricks' manager, Ted Ehrhardt, told ESPN.com in a text message. "[He] had to go to ER last night and [the] doctor had to pull him and give him an IV."
According to UFC officials, Woodley (15-3) will receive his show money for the event. The 33-year-old still plans to step on the scale and make weight during Friday's weigh-in.
In an interview with Yahoo! Sports, White said Woodley will receive the next title shot against the winner of a welterweight title fight between Robbie Lawler and Carlos Condit. That fight isn't scheduled to take place until Jan. 2, however. One UFC official confirmed White's comments but stressed that "timing would still have to be right" for Woodley to get the shot.
"Johny Hendricks not making weight is a loss for him and a victory for me," Woodley said. "He was not prepared to fight. I was. I had already made weight and was ready to fight. This is not the first time he has had trouble making weight, but it is a part of being a professional."
"I should not be penalized for not being able to compete. I am ready to fight for a title, and I believe that I deserve it."
Hendricks (17-3) has never missed weight previously. He was initially 1½ pounds over for a title fight against Lawler in March 2014, but he managed to make weight on his second attempt. There has been no official announcement on whether he will consider a move up in weight.
A flyweight bout between Joseph Benavidez and Ali Bagautinov has been promoted to the pay-per-view portion of UFC 192, which is headlined by a light heavyweight title fight featuring Daniel Cormier and Alexander Gustafsson.